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May 7, 2009

Porsche’s attempt to take over VW has come to an end after the families behind the two car giants agreed that they would merge the luxury carmaker’s automotive arm with its larger rival.

Porsche's attempt to take over VW has come to an end after the families behind the two car giants agreed that they would merge the luxury carmaker's automotive arm with its larger rival.

The deal, announced after a family meeting in Austria yesterday, will see "the creation of an integrated car manufacturing group," according to a statement from Porsche.

May 6, 2009

The Porsche and Piech families are reportedly meeting in the Austrian city of Salzburg today to try and come to an agreement on how to reduce holding company Porsche SE’s €9 billion debt.

The Porsche and Piech families are reportedly meeting in the Austrian city of Salzburg today to try and come to an agreement on how to reduce holding company Porsche SE’s €9 billion debt.

Principal among the discussions will be what to do with Volkswagen in which the families own a 51% stake. According to some reports, Porsche supervisory board chairman Wolfgang Porsche is hoping to merge both companies into a new holding company, while VW chairman Ferdinand Piech (pictured) would prefer his company to buy out Porsche’s automotive arm.

November 1, 2008

The global automobile industry is in a shambles with a share in Ford Motor Company selling for less than a Starbucks latte and GM and Chrysler discussing a merger that resembles two drunks hoping they can make it to the next lamppost (government bailout).

The global automobile industry is in a shambles with a share in Ford Motor Company selling for less than a Starbucks latte and GM and Chrysler discussing a merger that resembles two drunks hoping they can make it to the next lamppost (government bailout).

Somewhere in all this chaos the Porsche family has managed to create two highly profitable automobile firms that are the world leaders in designing, manufacturing and marketing cars.

October 30, 2008

The Porsche and Piëch families might have ironed out their personal differences but events within their businesses have escalated since Sunday when they announced they had amassed a further 31.5% in Volkswagen, pushing their ownership to over 74%.

The Porsche and Piëch families might have ironed out their personal differences but events within their businesses have escalated since Sunday when they announced they had amassed a further 31.5% in Volkswagen, pushing their ownership to over 74%.

However, controversy has centred on the fact that the 31.5% is in the form of cash settled options, purchased to hedge against price risks.

On the back of this, VW shares experienced a huge surge earlier this week. At one stage the price exceeded €1,000 per share, briefly making it the world's most valuable company.

October 27, 2008

Peace looks to have returned to the boardroom of luxury carmaker Porsche AG after Wolfgang Porsche, partner and chairman of the supervisory board, revealed that the owning Porsche and Piëch families had met last week to discuss the company’s takeover of Volkswagen.

Peace looks to have returned to the boardroom of luxury carmaker Porsche AG after Wolfgang Porsche, partner and chairman of the supervisory board, revealed that the owning Porsche and Piëch families had met last week to discuss the company's takeover of Volkswagen.
 
In a statement, Porsche AG admitted that public discussion about the company's takeover of VW had "led to irritation" within the family, peaking last month when Ferdinand Piëch (pictured), chairman of VW and Wolfgang's cousin, failed to attend a board meeting.

September 16, 2008

Family rivalries have surfaced in the Porsche and VW ranks with the revelation that Wolfgang Porsche, chairman of the holding company that owns the stakes in the carmakers, plans to oust his cousin Ferdinand Piëch as chairman of VW.

Family rivalries have surfaced in the Porsche and VW ranks with the revelation that Wolfgang Porsche, chairman of the holding company that owns the stakes in the carmakers, plans to oust his cousin Ferdinand Piëch (pictured) as chairman of VW.

The news came after rare public fighting between the Porsche and Piëch clans, who own sports car maker Porsche Automobil Holding AG and control a 31% stake Volkswagen, soon to be a majority.

January 9, 2008

Ferdinand Piech, Volkswagen AG Chairman and grandson of Porsche founder Ferdinand Porsche, has testified to a German court that he didn't know about any payments made to labour leaders when he was CEO between 1993 and 2002.

Ferdinand Piech, Volkswagen AG Chairman and grandson of Porsche founder Ferdinand Porsche, has testified to a German court that he didn't know about any payments made to labour leaders when he was CEO between 1993 and 2002.

The trial centres around former VW manager Klaus-Joachim Gebauer and ex-labour leader Klaus Volkert. Volkert is charged with demanding illegal bonuses while Gebauer is accused of breach of trust for reportedly organising these payments.

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